[UPD] BitcoinTaxes : Calculate capital gains/income taxes for crypto-currencies

[bitcointaxes]

https://bitcoin.tax (formally https://bitcointaxes.info)

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2015-11-01: BitcoinTaxes has been updated to 2.0 ready for 2015.

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BitcoinTaxes calculates capital gains and income across Bitcoin and alt-coin transactions (trading, spending, income and mining) and shows summaries with an income report and capital gains report. The capital gains shows a breakdown of Sales of Assets that are included in your tax return (Schedule D - US) or for keeping records.

Import your data from any of the supported exchanges or wallets, either via a downloaded CSV file from their site or using their own API. Any previous positions can be imported or manually added, for example, if you owned coins from 2012 or before.

The costs basis are then calculated for each coin and the capital gains total calculated per individual coin. We use a selection of methods, such as the default First-In-First-Out, Average Costing, and Specific Identification (Last-In-First-Out, Highest-Cost-First-Out, Lowest-Cost-First-Out, Closest-Cost-First-Out). It can also calculate using like-kind treatment.



Supported Exchanges

• Bitfinex
• Bitstamp
• BTC-e
• CampBX
• CaVirtex
• Coinbase
• Cryptsy
• LocalBitcoins
• Kraken
• Mt.Gox
• Poloniex
• Virwox

A General CSV import is also provided for custom data or non-supported exchanges.

Support Income, Spending and Mining

• Core Wallet (all coins)
• BitPay
• Blockchain.Info
• CEX.IO
• Coinbase

Supported Countries and Currencies

Various countries tax years are supported, as well as gains rates for tax estimates:

• US - Tax year 1st Jan. Short and long term. Short term income rates, long term CG rates.
• Canada - Tax year 1st Jan. Average costing method. 50% tax rate.
• Germany - Tax year 1st Jan. Short and long term. Short term income tax rate. Long term zero rate.
• Australia - Tax year 1st July. Short and long term. Short term income rates, long term discounted rates.
• UK - Tax year 6th April.

For other countries, standard currencies can be used: USD, GBP, EUR, CAD, AUD, SEK, BRL, SGD, CNY, JPY, CHF, HKD, RUB.

Download formats:

• General CSV
• US IRS Form 8949 CSV
• TaxACT Stock import CSV
• TurboTax TXF (Tax Exchange Format)

FREE and Premium

The site is free up to 100 transactions for Bitcoin and any alt-coins. An unlimited premium version exists for $19.95 payable by card or in BTC.

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[bitcointaxes]

So apparently I did not choose the best day to make that announcement.

Anyway, worth noting that if it turns out that we never get the coins back from MtGox, you will be able to report them as a loss next year, i.e when you file your 2014 taxes in 2015. However, the catch is that you need to be able to show the cost basis, and probably any other documentary evidence in case you are audited. This means you needed to have downloaded your trade history from MtGox.

It may be that they come back online, or in their Gox rebranding that they will give you access. I suggest you grab it as soon as you can if you have not already done so.

If you do lose coins, you can claim a loss for their cost basis only. So if you had bought 1 BTC in April 2013 for $100 and it's now gone, you can only claim $100.

The website will track the costs basis of each coin (part-coin really) you own and so you can more easily use it to determine it to calculate losses. For lost coins you can enter them as a Sell of price zero.

Sorry to anyone who has lost money or coins in this fiasco.

[nrd525]

Would you consider supporting Bitfinex without an API key?

They now have a CSV export function.  I'm very reluctant to create an API key due to security.

[bitcointaxes]

Would you consider supporting Bitfinex without an API key?

They now have a CSV export function.  I'm very reluctant to create an API key due to security.

Yes. I don't have much data to check it with. Can you contact me through the Feedback button and the site so I can get some samples files to make sure it's going to work.

[nrd525]

Ok I did that. 

[bitcointaxes]

BitcoinTaxes (formally bitcointaxes.info), the crypto-currency tax calculator has been updated to 2.0 ready for 2015.

https://bitcoin.tax/blog/bitcoin-taxes-v2-released/

• Moved to bitcoin.tax
• Adding income from Coinbase, BitPay, CEX.IO
• Adding income from mining addresses with price lookup
• Adding spending, donations and gift/tips from Coinbase, Core/Qt Wallets, Blockchain.info
• Address and transaction viewer
• Market prices for over 2,000 trading pairs
• Support for Kraken
• Optional like-kind treatment calculation
• Automatic calculation of opening position and cost-basis
• Income report
• Donation/Gifts cost-basis report

You should consider including any coins you spend or sold at a loss during 2014 (in the US) on your taxes so you get a tax deduction. You can offset other gains as well as up to $3,000 each year.

[BitPappa]

If you do lose coins, you can claim a loss for their cost basis only. So if you had bought 1 BTC in April 2013 for $100 and it's now gone, you can only claim $100.

The above makes sense, and I'm trying to apply advice for lost Mt. Gox coins to coins lost on Cryptsy.

However, I came across this, which seems to be add more complications to claiming a tax loss in these situations:

"Any individual losses are subject to a $100 floor and are only deductible to the extent that the taxpayer has a total loss for the year that exceeds 10% of his total adjusted gross income."
http://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-3-lost-or-stolen-bitcoins.asp#ixzz43MF2njXf

Any accountants want to weigh in on claiming losses in cases such of Gox and Cryptsy?